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317Sugar
Level 1

401K Contribution

We just hired a new employee who would like us to deduct contributions to his personal 401K pre-tax dollars.  Our company does not offer 401K for employees.  Can this be done? If so, how?

Thanks,

Marylee A.

1 Comment 1
qbteachmt
Level 15

401K Contribution

Right Here: "Our company does not offer 401K for employees"

 

Your Employee has an Old 401(k) Account because some previous employer offered that Plan. They should "direct transfer roll that to a Traditional IRA account" and not leave it with the Old Employer.

 

And No, you cannot do this.

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